Month: March 2013

Hi everyone! It’s the last Friday of March! Are all of you excited for April? It’s spring break this weekend, and I hope all of you are headed someplace nice or at least able to appreciate the beautiful spring weather.

Anyway before we say hello to the weekend, I’m dropping by again to feature Part Two of my Most Expensive Homes posts. This week I’m featuring the state of Virginia and their roster of their most expensive homes, gathered from Zillow. Let’s get this started!

#3 on the list is an undisclosed address in The Plains, VA. Well if you’re looking for privacy with the money to burn, you could consider living here! For a whopping $21,000,000, this 10-bedroom, 15-bath home is all yours. With a property of over 20,000 sq ft, you can be treated like a king in this villa, complete with a courtyard and your own stream!

Taking the #2 spot is Chateau La Vie 7201 Dulany Dr in McLean, VA. If the French address wasn’t already a giveaway, you can be sure to seal the deal of this home at $32,000,000. Wow! It’s a modern-day cozy castle with 8 beds and 9 baths. It also happens to be near the Pentagon! How about that!

And the first prize for the most expensive home in Virginia goes to 636 Chain Bridge Rd in McLean, VA! This 10-bed, 15-bath mansion is up for grabs at… (drumroll please!) $45,000,000! Holy smokes! The home looks straight out of a historical movie! Ironically enough, this estate was built only last year! Stretching on over 6.5 acres, this magnificent home will definitely make anyone feel like royalty!

Great Tuesday, everyone! Hope you all had a great weekend! It’s going to be April in a few days’ time, and that means Tax Day will be coming up soon! Are you ready to file your taxes yet? I stumbled upon an interesting article from NVAR.com that you might find useful if you are a homeowner, buyer, or seller.

In spite of the extended discussion about modifying the mortgage interest tax deduction and making other changes to the tax code that could impact homeowners, the Congressional resolution of the “fiscal cliff” negotiations left most regulations associated with homeownership in place.

Bertrand says that the tax advantages to homeownership are still in place, since interest paid on a mortgage of up to $1 million and on a home equity loan up to $100,000 can be deducted.

“Single people with an income over $400,000 or a married couple with more than $450,000 in income are being hit with a higher marginal tax rate,” says Bertrand.

Those same high-income earners will also pay a higher capital gains tax of 20 percent rather than the standard 15 percent. While the profit from a home sale of $250,000 for a single taxpayer and $500,000 for a married couple still holds, home sellers who have a capital gain above those amounts will have to pay either 15 or 20 percent on their profit above the exclusion.

Tax deductions, including the mortgage interest deduction, property taxes and charitable donations, are phased out on a sliding scale for single taxpayers earning more than $250,000 and married taxpayers who earn more than $300,000.

More people will feel the expiration of the payroll tax reduction, because this will immediately reduce employee paychecks by 2 percent.

“Probably one of the most important things Congress did was to extend the Mortgage Debt Forgiveness Relief Act for another year through the end of 2013,” says Maureen Berrios, president of Berrios & Associates, Inc. in New York City. “I think it will probably be extended another four years or so, but it will probably gradually be limited and phased out.”

Kahn says that Congress made private mortgage insurance deductible retroactively in 2012 and through 2013, although the deduction phases out for married taxpayers with an income over $110,000.

“Congress also retroactively extended tax deductions up to $500 for energy-efficient improvements on existing homes,” Mortimer says. “The credit applies to purchases made in 2012 and 2013.”

Gift tax rules were also extended, and now allow an individual to give $14,000 tax-free to another person in one year.

“If you have a mom and dad who want to give money to their daughter and her husband for a down payment, they can give up to $56,000 total,” says Mortimer.

Realtors® and their clients should always consult a tax expert who can advise them on their individual circumstances.

Fantastic Friday, everybody! It’s officially spring! I hope you’re all excited for the new season and the coming weekend because I sure am pumped! Anyway, it’s that time of the month for a Market Insider post! If you happen to be buying or selling a home in Hagerstown MD, you might want to take a quick read at this!

The median list price in March for single family homes in Hagerstown is $169,900. The list prices increased by 6.25% from the previous month. The price per square foot for listings in this area is $107. The median sale price in January for single family homes is $138,022. The sale prices increased by 1.86% from the previous month. The price per square foot for sales in this area is $84.

Median household income in Hagerstown is $44,502 with 1,291 households earning between $35,000 to $40,000 annually. Income levels are listed along the left side of the chart, and the number of households are displayed along the bottom.

The Crime Risk Index compares the likelihood of different crimes happening within this community to the national average. The national average for each type of crime equals a score of 100. A score of 200 would represent twice the risk as the national average, and a score of 50 would represent half the risk.

38

Median Age

39%

Married

23,748

Number of Homes

7,986

Homes with Children

The above data was gathered from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.

If you’d like to read more statistics on the current housing market in Hagerstown, visit my website here. You can find more information on it such as local schools, a list of establishments (categorized and searchable by map), and you can even compare areas/neighborhoods according to zip code. It can really provide you with a thorough insight so you have a better idea of the community you want to move into.

Thankful Tuesday, everyone! How are you all doing this week? Even if it’s still pretty chilly over here in West Virginia, I hope all of you are pumped for the work week now that spring is right around the corner! Anyway today I thought I’d share with you guys another interesting home decor tip from BHG.com regarding neutral colors.

Neutrals might be the last colors a person would consider when it comes to decorating, but don’t underestimate this palette! Here are some tips and examples that you might draw inspiration from if you are thinking of changing up the look of your home.

1. Blank CanvasAll painters begin with a blank canvas, and white may be the most basic–but it is also the easiest color to start with. It literally goes with anything. There are many accents of primary colors in the room above, but they all go together. Time and again I’ve mentioned in my previous interior design posts: neutral colors act as the calming agent when it comes to decor. Not to mention if you feel like changing the colors again, you don’t have to worry about what goes well with what as long as white is your main backdrop.

2. Pattern at PlayMore than just the colors, neutrals make it easier to add patterns to your designs. While beige or white are the most common neutral shades, gray is also becoming a popular choice for many designers. In the room above, the gray walls provide the ideal backdrop for patterns that create life and texture in this simple but classy room.

3. Design Utopia
Arguably the best thing about neutrals is that they are limitless. Because they go well with anything, you can change the mood or theme of your room in an instant. The above picture mixes whites with blues, giving it a calming, aquatic theme. Neutrals also make a room look brighter, cleaner, and spacier. Who doesn’t want to have all those attributes in their home?

Happy Friday, everyone! It’s the end of the week again before we know it! Now I’ve been posting several articles on interior design, but let’s all admit it — redecorating a home is no cheap business! This week I’d like to share with you guys an article from BHG.com on how to redecorate for less!

1. Contrast is key.If you notice, contrasting colors is one of the most basic and yet cost effective ways to spice up the look of your home. Without having to buy expensive furniture or decorations, you can easily change the look of a room just by switching colors. In the above example, the blues and whites blend and yet enhance each other well. Remember, colors can make or break a room, so choose your combinations wisely.

2. Making the case.In all my interior design posts, I don’t think I’ve ever mentioned the impact of a good bookcase! Pairing the proper materials and arrangement can certainly make your bookcase become a focal point of a room. Of course, not to mention they offer plenty of storage and display space, bookcases are a great home investment.

3. Break up sets.We all love our sets and would like to put them all in one place as possible, but have you ever thought about mixing and matching different sets? That’s right, organization in chaos! The dining room above is a mixture of different furniture and decor sets, giving it an eclectic feel. Of course, be tasteful with your choice of combinations. Match plains and prints to avoid an explosion of decor. Remember, strive for different but still classy!